New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-11-01
THE PETROLECN MARKET
NEWS From THE YIELD AND RANCE OF rRIc

NEWS FROM THE FIELD AND RANGE OF PRICES
To-Day ushers IN the day ~ the great shutdown
movement Of the p-nnsy lyana petroleum producers se
where VIII probably be found dispatches Is 20 me eAh
10 which The producing plugged upa bumpers
shut Oh. the associated produees'lA! not Os
able 10 curtai all the yield that Is Intended 10 De Ap l
tho gound FOR year, but when the oil market closed yes
crdiy afternoon every reasonable preparation had been
made Tor ruug necessary work VI restriction and
susl eH,iOn OF Oh. dlill
The public has yet be Informed officially OK the d.
tails of the plan by which the producers ana the Stadru
OH Interest,", are seeking procure prosperous times 10
the producing Industry. but IL Will be only question OF
few dlys probably, before publication VIII be made
etccne Is observed by both sides, but We have reason
20 believe 0r the features OF the agreement arr
a, follows: The Producers stop drilling, except IN
particular instances, aud 10 shut down certain amount "
their ton for = year from November l. We can
hot learn amount of output Is governed Oy me agf'
nent bur We have good reason for believing mat thS
amount shut Will b. 10000 than loOOO barrels
dt 10 rccomp"Tse The producers FOR the curtdlcn.
OF tne podac been agr ed by the STANDARD Interests
90 carry G.O9OO0J barrels OF OH FOR year. 100000
barrel, for the WcOwues and iOCOJOO barrels Tor the
llbosc.s who VIII lose work or have thoF pay reduced
in consequence OF The les ming OF productions THIS oil
Is subject call OF the piO.ic'rs AZ the end OF year
AZ % cents. with the addition OF carrying charges and
interest. In the market has fallen below those
n,r.. a proposition improbable a 10 be practically
impossible the producers are not required TO take the
o bar all the profit any advance that can Oc secured
zoos Old them. The details by which the producers have
arranged the distribution OF the prhis they expect 10
secur, we cannot speak yet with confidence But the
essential princlp, az the scheme IS corporation ana
characterization Producing and refining Interests NJ
which oppressive stocks VIII be rapidly reduced and
through the removal OF the result OF production IN
the past the trade placed In position TO reap h'sher
ptces Tor their product. In the cessation OF annoying
ho,ttes and In the values which refined Oil VIII
bring, the STANDARD interests 10 can be realized on mo-
,nonts thought VIII had for its share in tae
contract The scheme may withstand the wear and
tear of tlne but successful its Importance cannot DC
confined to small measures. And the producers are better
they have bcen In some years. The movement Is
crucial test IN the trade ought command the support
OF all who want to obtain profits cut OF their operations
Yesterdays certificate market was comparatively dun
but decidedly strong. IL opened cent above the close
here and IL cent higher than the Western mar~ets
ended SATURDAY night The elements OF strength were
the approach Of the utdown, The decline In new prodic
ton tina, 10 was reported The oil City Dcrieks' monthly
,pot would show October and the less belsh news
from Sa>onburg. The BOlard gusher' was or to 81
barrels an hour the Adler wei doing less than
barrels and the Golden well has stopped Rowing aud was
10 be- shot with a torpedo In the evening These wells
may not bc In OF the new pool, and therefore
cannot BE- taken As positive crlteon but their conduct
trd ~ sen the dangers OF SaNOnburg Then there e
the possibility capturing the district IN the shu-d0wi
The market opened excited at prices that ranged ron
nrdoy NIGHT ana advanced 20 70 cents
Near the close hammered on 70 - cents but NJ
prices LETT The shorts were still eager
borrowers , a.. .o,., ,,.,,,r, o., ,ha Con.
onenlng II ; sa72 highest 10, lowest II 5-S, final
7o7s SAILS, barrels, 2.i72'O0O IL. .,,,.
Refined oil firm IS cents per gailon' Abel 'es'
AL